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(a) Advances of a premium by a licensee must be recorded and held as fiduciary money until forwarded to the insurer. Refunds of premium money must be recorded and held as fiduciary money until forwarded to the insured.
(b) If under AS 21.27.360 (d), a licensee commingles with premium money additional money for the purpose of advancing premiums, an accounting entry must reclassify the money as fiduciary money.
(c) Failure to comply with (a) or (b) of this section is a violation of AS 21.27.350 .
History: Eff. 8/29/90, Register 115; am 8/9/94, Register 131; am 3/30/2003, Register 165
Authority: AS 21.06.090
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Last modified 7/05/2006